The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1505 ET - Deere expects sales to grow at an annual average rate of 10% a year through 2030. That would boost equipment sales to about $63 billion from $38.9 billion in 2025. Executives told investors during a presentation they remain bullish about the sales growth potential from farm technology, but said an earlier goal of 10% of the revenue by 2030 coming from software service fees will take longer to achieve. The company said building the technology infrastructure to use software programs is taking longer than anticipated and weak ag markets have held down adoption levels. (robert.tita@wsj.com)

1457 ET - Ulta boasts strong long-term prospects as it enters a more visible phase of growth under CEO Kecia Steelman, TD Cowen analysts say in a note. Under Steelman, who was promoted to the top role earlier this year, Ulta has improved its store execution, supply chain consistency and go-to-market strategy, the analysts say. Those catalysts should help Ulta win in a growing beauty market and take advantage of its scale through a robust loyalty program and large number of products across categories, they say. "We believe the company is entering a more dynamic and visible phase of its growth story," they say, upgrading their rating to buy from hold with a price target of $725, up from $600 previously. (kelly.cloonan@wsj.com)

1450 ET - Instacart's integration with OpenAI's ChatGPT marks the first grocery platform to offer an instant checkout app experience, giving Instacart an edge over some of its competitors, Morgan Stanley analysts say in a note. Walmart has not yet included its grocery business in its existing ChatGPT integration, while Amazon has not partnered with the platform at all, creating a growth opportunity that isn't yet priced into Instacart's valuation, the analysts say. Grocery and consumer packaged goods will likely be the biggest bucket of spending set to drive faster ecommerce growth as more agentic shopping features emerge, the analysts say. The partnership shows the value of Instacart's inventory access and delivery infrastructure, which could help ChatGPT create more agentic grocery shopping products in the future, they say. (kelly.cloonan@wsj.com)

1253 ET - Adobe investors will be more focused on the company's 2026 guidance than fourth-quarter results when it reports Wednesday, Deutsche Bank analysts led by Brad Zelnick say. Zelnick expects Adobe will guide roughly in line with expectations for 2026, though year-over-year growth could be a little lower depending on fourth-quarter results. Industry partners are optimistic about mid-market and enterprise customer demand heading into the new fiscal year, Zelnick says. While Zelnick expects a strong fourth quarter report, he thinks the fact that 2026 guidance likely won't surprise investors will keep the stock steady. (katherine.hamilton@wsj.com)

1222 ET - Paramount's unsolicited, all-cash offer to buy Warner Bros. Discovery faces its own set of regulatory risks, TD Securities analyst Paul Gallant writes in a note. President Trump's relationship with Paramount CEO David Ellison and his father Larry likely signals that the merger would clear a Department of Justice review. But that same closeness could fuel a challenge from Democratic attorneys general, Gallant writes, citing statements from Sen. Elizabeth Warren and Gov. Gavin Newsom. The acquisition could also be challenged on grounds of consolidating bargaining power in Hollywood and could additionally see scrutiny from regulators in Europe and the United Kingdom. (elias.schisgall@wsj.com)

1202 ET - Paramount CEO David Ellison says his company's bid for Warner Bros. Discovery is more likely to pass regulatory approvals than Warner's existing agreement with Netflix, arguing Paramount's offer would foster better competition. "When you combine the number one streamer with the number three streamer, that creates a company that has unprecedented market power, north of 400 million subscribers," he says. Disney would be the next largest competitor with just under 200 million subscribers, he says. "That's bad for Hollywood, that's bad for the creative community, that's bad for consumers," he says. (kelly.cloonan@wsj.com)

1157 ET - Fox Chief Financial Officer Steve Tomsic says the media company is unlikely to venture back into the sports betting business anytime soon following the shuttering of Fox Bet in 2023. Tomsic says at the UBS Global Media and Communications conference that Fox is content with its role as an investor in Flutter, which owns FanDuel, and doesn't need to be operating a sports betting license on its own. "We have enormous respect to what Flutter brings to the table in terms of sports betting prowess," he says. "We're happy, as a sports business, to bring the sports broadcasting element to it." Fox's current stake in Flutter is worth about $900 million, Tomsic said, and the company has an option through 2030 to take out an 18.6% stake in Flutter. Fox Corp. and Wall Street Journal parent News Corp share common ownership. (elias.schisgall@wsj.com)

1147 ET - Tubi, the Fox-owned streaming service, is on track to hit its breakeven point on an annual basis after posting a profit in the most recent quarter, Fox Chief Financial Officer Steve Tomsic says at the UBS Global Media and Communications Conference. "I wouldn't commit here to say every quarter from here on forward is going to be profitable," Tomsic says, citing investment spending and some seasonality effects. "But we totally feel as though Tubi is on that pathway to being, on an annual basis, breakeven really soon," he says, adding that the company sees a road to EBITDA margins for Tubi around 20% to 25%. Fox Corp. and Wall Street Journal parent News Corp share common ownership. (elias.schisgall@wsj.com)

1122 ET - Paramount CEO David Ellison says his company's takeover offer for Warner Bros. Discovery is a better deal for shareholders than Warner's agreement with Netflix, given it proposes an all-cash deal. "We're sitting on Wall Street, where cash is still king," Ellison says during an appearance on CNBC. Ellison says Paramount's offer would give shareholders $17.6 billion more in cash than Warner's deal with Netflix. "We believe when they see what is currently in our offer, that that's what they'll vote for," Ellison says. Paramount offered $30 a share in cash for all of Warner, while Netflix agreed to pay $27.75 a share in cash and stock for Warner's studio and HBO Max streaming business. (kelly.cloonan@wsj.com)

1101 ET - Fox is benefiting from shifts in the TV advertising market as advertisers move away from linear cable entertainment advertising, Fox Corporation Chief Financial Officer Steve Tomsic says at the UBS Global Media and Communications Conference. "A lot of that money has gone and sort of leaked out as that viewership and engagement has eroded, and has come to places where we play," Tomsic said, highlighting broadcast news, sports, and streaming. "We're seeing an incredibly robust advertising market across virtually all of our verticals." Fox shares common ownership with the parent of The Wall Street Journal's publisher. (elias.schisgall@wsj.com)

1056 ET - Maple Leaf Foods' could have a couple of years of outsized shareholder returns, says TD Cowen's Michael Van Aelst. With the major capital programs behind it, stronger earnings and free cash flow generation, and leverage ratio back within its preferred range, the analyst says in a report that the Canadian packaged meats company has been returning capital to shareholders opportunistically via share buybacks and now a C$0.60-a-share special dividend. This could continue in the near-term, he says, unless the company gets bought out. "Barring an acquisition, we see the potential for continued normal course issuer bid activity and additional special dividends over the next two years," Van Aelst says. Shares are up 2.5% to C$25.93. (adriano.marchese@wsj.com)

1053 ET - Confluent looks like a natural fit for IBM, given it addresses the company's focus on eliminating data silos for powering AI, Wedbush Securities analysts say in a note after IBM agreed to buy the data-infrastructure company. The deal will allow IBM to continue adding more data processing capabilities to its hybrid cloud ecosystem and expand its reach across new markets, helping it accelerate revenue growth in the process, the analysts say. "We loudly applaud this deal," the analysts say, noting IBM will likely pursue more acquisitions in the future. IBM continues to benefit from increasing global investments as it expands its footprint to meet growing demand across hybrid cloud and AI, they add. (kelly.cloonan@wsj.com)

(END) Dow Jones Newswires

December 08, 2025 15:05 ET (20:05 GMT)

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